Want to know what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. In summary the Calgary housing market is still very strong. Sales are strong and our inventory is on the low side making it a strong Seller’s market.
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Calgary Listing Inventory: Inventory levels for all categories decreased throughout June which is a little bit of a twist. If you have been following my reports the Inventory levels have been increasing a little every week until last week when they went down by 240 listings. This is most likely due to the flooding disaster in Calgary where some listings were taken off the market. I believe that the trend of increasing inventory will start back next week.
| Inventory |
May 2013 |
June 2013 |
Change |
| Single Family Home |
3311 |
3199 |
-112 |
| Condo Townhouse |
503 |
489 |
-14 |
| Condo Apartment |
929 |
896 |
-33 |
| Total |
4743 |
4584 |
-159/-3.4% |
Calgary Sales:
Sales decreased in all categories this month. Following the trends of the last few years we are getting into summer vacations when people take holidays and therefore the sales numbers drop a little.
What is important to note here is that our sales decreased a higher percentage than our inventory decreased moving us a little closer to a buyer’s market (although we have a long way to go) to get there. Interestingly enough sales each week in June we about the same with no drop at all during the flood and early stages of clean up.
| Sales |
May 2013 |
June 2013 |
Change |
% Change |
| Single Family Home |
1766 |
1638 |
-128 |
-7.2% |
| Condo Townhouse |
365 |
317 |
-48 |
-13.1% |
| Condo Apartment |
413 |
362 |
-51 |
-12.3% |
| Total |
2544 |
2317 |
-227 |
-8.9% |
Calgary Real Estate Sales Prices: Please note that we are now using the Benchmark price for this comparison.
In June, the benchmark price increased slightly for all categories. This is simply a reflection demand outpacing supply and should continue until the inventory starts to increase faster than sales.
| Sales Prices |
May 2013 Benchmark Price |
June 2013 Benchmark Price |
Change |
| Single Family Homes |
456,900 |
459,700 |
+2800 |
| Condo Townhouse |
292,100 |
295,000 |
+2900 |
| Condo Apartment |
263,600 |
264,000 |
+400 |
Sales Prices “Year to Date”
Year to date prices have increased in all categories.
| Sales Prices | Dec 31 2012 Benchmark Price |
June 2013 Benchmark Price |
Change |
% Change |
| Single Family Homes |
434,800 |
459,700 |
+24,900 |
+5.7% |
| Condo Townhouse |
284,100 |
295,000 |
+10,900 |
+3.8% |
| Condo Apartment |
248,700 |
264,000 |
+15,300 |
+6.2% |
Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?
|
Buyer’s Market |
>4.0 |
|
Balanced Market |
Between 2.8 to 4.0 |
|
Seller’s Market |
<2.8 |
Absorption Rate: Throughout June there was little change in the absorption rate although the direction is moving towards a more balanced market.
| Absorption Rate |
May 2013 |
June 2013 |
Change |
| Single Family Homes |
1.87 |
1.95 |
+.08 |
| Condo Townhouse |
1.37 |
1.54 |
+.17 |
| Condo Apartment |
2.25 |
2.48 |
+.23 |
| Total Calgary |
1.86 |
1.98 |
+.12 |
**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know.
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.
Gord, Eric, Brent & Jason